Patch 5.2 will have two new factions. The Shado-Pan Assault (for which you gain rep inside the Throne of Thunder raid instance), and the Kirin Tor Offensive (Alliance) / Sunreaver Onslaught (Horde) for which you gain rep through daily quests.

It's important to note that Valor points items are only available on the Shado-Pan Assault, so you don't need to do the dailies if you only want a source to spend your VP.

does this mean that the rep rewards from Kirin Tor/Sunreavers are purchased with another currency?

You'll be able to buy them with gold. Keep in mind that those items are level 476 (except for the Exalted rings, which are 496 and cost Valor Points.). However, if you get to exalted, you'll also be able to acquire a sweet, sweet dino mount. A primal direhorn.

Additionally, you'll also be able to earn the Grand Commendation for that faction at Revered, as is the case with the existing 5.0/5.1 factions.